Daily Times

KARACHI: Buyers at lint market purchased better and second grades lint of old crop that fetched better price, floor brokers said.

Karachi Cotton Association (KCA) kept spot rate at Rs 8,400 per maund in order to support weak sellers to get better returns on their raw stocks, said traders.

The buyers made deals for fine lots on slightly higher price at around Rs 7,975 per maund, traders said.

They said around 600 bales changed hands while second quality cotton fetched slightly higher price around Rs 7,850 per maund.

A senior trader, Ghulam Rabbani said sellers withholding second grade of lint remained on driving seat while spinners made one month period forward deals for better grades at around Rs 7,950 per maund in anticipation of increase in price in next coming days.

The weather in the cotton cultivation belts in Punjab and Sindh remained suitable for standing crop.

General prices of lint would keep improving on demand that put positive on the market sentiments while leading buyers and sellers remained entangled in price war during the trading session.

He said market price would experience some pressure after arrival of imported stuff while market players remained busy in consolidating their long positions.

He said growers were asking higher rates on growing demand of second grade stuff. Textile garments sector remained in need of better grades on the back of growing demand of end product.

A senior broker said physical market price remained around Rs 7,675 per maund and Rs 7,725 per maund. Some ready market deals also changed hands below KCA’s prevailing spot rates during the trading session. According to KCA, 200 bales of southern Punjab changed hands at Rs 8,050 per maund, 200 bales of Mirpurkhas at Rs 7,375 per maund and 200 bales of upper Sindh at Rs 7,500 per maund.

Published in Daily Times, July 17^th 2018.